GIBRALTAR, December 5, 2017 – Watford Insurance Company Europe Limited (Watford Insurance) today announced that it has filed with the Gibraltar Financial Services Commission a request for approval to establish a branch office to launch insurance operations in Romania. Watford Insurance, based in Gibraltar, carries an ‘A-‘ (Excellent) rating by A.M. Best and has been operating in the European Union and the UK since 2015. Watford Insurance is a wholly owned subsidiary of Watford Re Ltd., a Bermuda reinsurer with capital of US$1.2 billion at September 30, 2017. Watford Insurance and its affiliates have a strategic underwriting management relationship with subsidiaries of Arch Capital Group Ltd. (Arch). Arch provides insurance and reinsurance on a worldwide basis through its wholly-owned subsidiaries.
Watford Insurance will engage with the local service company INTARO Insurance Services S.A. to provide all requisite local branch management services to the Romanian operations of Watford Insurance. Upon regulatory approval, the Romanian operation plans to focus on the sale of MTPL and ancillary products, but other retail products, such as residential property insurances, may also be offered. The decision to extend Watford Insurance’s activity to the Romanian market has been taken after comprehensive evaluation of the Romanian motor insurance market in terms of the business environment as well as the legal and regulatory framework. Watford Insurance's establishment of a local branch in Romania is subject to all relevant regulatory approvals.